Fox Corp. Rides Political Ad Wave, Posts Solid Fiscal Q1 Results

deadline.com:

Fox Corp. rode a surge in political ad spending and continued growth in streaming in its fiscal first quarter, posting financial results above Wall Street analysts’ expectations.

Adjusted net income came in at $1.21 per share, up a dime from the year-ago quarter and well ahead of analysts’ consensus forecast for $1.12.

Total revenue of $3.19 billion, up 5% from a year ago, also cleared the bar. Fox credited a surge in political advertising and the continued growth of Tubi, its ad-supported streaming service.

Spending on political ads in September set a new company record. While political ads aren’t broken out on the balance sheet, Fox is uniquely positioned to benefit, particularly in mid-term and presidential cycles, given its ownership of Fox News and a cash-generating portfolio of local stations.